▲ A dealing room at Hank Bank in Seoul on March 18, 2026 (Yonhap)

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Seoul shares open sharply lower on escalating Mideast crisis, U.S. rate freeze

SEOUL, March 19 (Yonhap) -- South Korean shares kicked off sharply lower Thursday after the Middle East's critical energy facilities were attacked during the U.S. and Israel-led war against Iran, and the U.S. Federal Reserve's decision to keep its interest rates unchanged.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 128.08 points, or 2.16 percent, to 5,796.95 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average dipped 1.63 percent, while the tech-heavy Nasdaq Composite slid 1.46 percent, and the S&P 500 pulled back 1.36 percent.

Investors' risk appetite was sapped as Israel attacked Iran's largest South Pars gas field, and Iran hit back with a strike on a major liquefied natural gas site in Qatar, driving up global oil prices again.

The Fed's decision to maintain its policy rate in the 3.5-3.75 percent range also dragged down market sentiment.

In Seoul, most top-cap shares started in the negative territory.

Market top-cap Samsung Electronics lost 2.64 percent, and its chipmaking rival SK hynix slipped 2.84 percent.

Auto giant Hyundai Motor shed 3.12 percent, and its sister Kia went down 1.71 percent.

Artificial intelligence (AI) investment firm SK Square dipped 2.22 percent, and leading battery maker LG Energy Solution decreased 1.96 percent.

Major defense firm Hanwha Aerospace dropped 1.33 percent, and leading shipbuilder HD Hyundai Heavy contracted 2.37 percent.

Bio firm Celltrion tumbled 3.1 percent.

The Korean won was trading at 1,500.4 won against the U.S. dollar at 9:15 a.m., sliding 17.3 won from the previous session.

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